The Failure to Account For Progress(fightaging.org)
fightaging.org
The Failure to Account For Progress
http://www.fightaging.org/archives/2009/09/the-failure-to-account-for-progress.php
1 comments
I think this misses the point of the original article. While the overall point of ignoring progress may be valid, Mankiw is aware of the ability of markets to reduce costs. He is asking about how to allocate scarce resources. If there is a method for immortality which costs more than the average production of the population, there is no way to give it to everyone. Who gets it? It is a thought experiment, not a prediction for advanced cultures.
I think he was annoyed because this excuse is often used against developed longevity science ("but only the rich will get access to it!").
Maybe that's not what the original article meant (I don't know), but the point still stands in general.
Maybe that's not what the original article meant (I don't know), but the point still stands in general.
We already have a method to allocate scarce resources - charge more for them. What the thought experiment hasn't suggested is why that isn't good enough.
We currently let rich people have better medical care, why would this be different?
We currently let rich people have better medical care, why would this be different?